Regardless of your age or where you are in your career, it is never too early to begin thinking about or planning for retirement.
The Simmons University Defined Contribution Retirement Plan (DC Plan) assists with securing your future by helping you reach important financial goals for retirement with 1st day eligibility for our Benefit-Eligible Faculty and Staff.
Eligible employees can have 3% of base salary deducted each pay period. All of your contributions are fully vested (meaning you own the money in your retirement plan at all times). As of October 1st, 2021, Simmons matches this contribution at 5%.
To supplement your retirement savings goals eligible employees can also voluntarily save on a pre-tax basis into a Tax Deferred Annuity Plan (a 403(b) Plan) up to limits allowed by the IRS.
Upcoming Retirement Fund Changes
In February 2022 TIAA will implement Retirement Plan Investment Fund changes. You can review the recent communication from TIAA here. The new Retirement Investment Fund Men, as of February 8, 2022, up can be viewed here.
- Tools and Resources
- For assistance with online enrollment in the Simmons University Defined Contribution Retirement Plan (DC Plan) and/or the Tax Deferred Annuity (TDA) Plan, call TIAA at 1-800-842-2888 (M-F, 8 AM – 10 PM, Saturday 9AM – 6PM). You will also need the plan numbers noted below when you call.
- Simmons University Defined Contribution Retirement Plan (Plan Number 150907) and
- Simmons University Tax Deferred Annuity Plan (Plan Number 150911).
- To set up a complimentary on-site individual consultation with TIAA, call 1-866-843-5640 (M-F, 9 AM – 8 PM). For further information on the individual consultations and future available appointments please go to TIAA.org/schedule.
- Access your accounts online at www.tiaa.org
- Retirement Plan Questions for TIAA: 800-842-2252 (M-F, 8 a.m. – 10 p.m., Saturday 9 a.m. – 6 p.m.)
- If you have retirement plan assets with TIAA (including prior accounts with other employers) in excess of $500,000, or if you have complex retirement planning needs, or if you are considering retirement in the next five years, you may be able to qualify for services from TIAA’s Wealth Management Group. They can be reached at 1-866-220-6583.
- Up-to-date fund information can be accessed here. Once on this site, please filter the fund offerings to “Variable annuities” AND “fixed annuities” which are the funds we offer through our Plans currently or enter the Simmons Plan Number 150907 or 150911.
New Mobile Friendly Tool on Starting a Financial Life
TIAA has created a financial education experience for individuals in the beginning phase of retirement planning. The mobile-friendly Starting Out website features easy-to-digest tips and testimonials using video and blog posts. Please take a look!
- For assistance with online enrollment in the Simmons University Defined Contribution Retirement Plan (DC Plan) and/or the Tax Deferred Annuity (TDA) Plan, call TIAA at 1-800-842-2888 (M-F, 8 AM – 10 PM, Saturday 9AM – 6PM). You will also need the plan numbers noted below when you call.
- Retirement Plans
Simmons offers two retirement plans for eligible employees through TIAA.
- Simmons University Defined Contribution Retirement Plan (Plan Number 150907) and
- Simmons University Tax Deferred Annuity Plan (Plan Number 150911).
Simmons University Defined Contribution Retirement Plan
In the Defined Contribution Plan, eligible employees can save 3% of base salary deducted (pre-tax) each pay period. Your personal contributions are fully vested immediately (meaning you own the money in your retirement plan at all times). There is no matching contribution from Simmons.
Simmons University Tax-Deferred Annuity (TDA) Plan
To supplement your retirement savings goals, eligible employees can also voluntarily save on a pre-tax basis into a Tax-Deferred Annuity Plan (a 403(b) Plan) up to amounts allowed for by the IRS. You can participate in the Plan upon hire. Unlike other benefit plans, you can enroll in the plan at any time during the year. You also have the flexibility to change your contribution amounts through Workday (instructions are available in the “starting or changing contribution” section below) any time during the year. Since these are all employee contributions, you are fully vested in this Plan at any time.
In CY2020, you can contribute up to $19,500 into the TDA Plan and the Defined Contribution Plan combined. Employees over age 50, or turning age 50 in 2020, can contribute an additional $6,500 into their TDA plan. Please note that the IRS limits apply to all contributions you make from your paycheck, including prior/other employer plans, in the current calendar year.
Investment allocation changes for the plans above are made directly through TIAA.
- Enrollment
How to Enroll in the Defined Contribution Retirement Plan and/or the TDA Plan
- Go to https://www.tiaa.org/simmons, click “Ready to enroll”. Please follow prompts to enroll, the 2 plans we offer are listed below.
- For help during online enrollment, call TIAA at 1-800-842-2888.
- You will need the Plan numbers while enrolling in our Plans. If you are enrolling in the Simmons University Defined Contribution Plan, the access code is 150907. The TDA access code is 150911.
- You will also need to designate investment funds you would like to invest your money in. Up-to-date information on the funds can be found here. Please use the Plan number 150907 or 150911 to get the listing of funds offered through Simmons.
- After you have completed your online application, if you have not already done so please enter your contribution amount through Workday by following the steps in the section below.
- Starting or Changing Contributions
How do I start or change my retirement plan contributions?
After you have the retirement plan(s) set up with TIAA,
- Go to workday.simmons.edu
- Select the “Benefits” worklet
- Choose “Benefits” under the Change section
- Select “Change retirement plan contributions” in the Change Reason
- Enter the date you would like the change to be effective (example: 09/01/2020)
- Click “Submit” at the bottom of the screen
- Under Up Next, click “Open”
- Make your contribution changes to the retirement plans you would like to make the change to. You have the option to elect the Tax Deferred Annuity (TDA) plan contributions as a percentage or a monthly amount. Please only elect a percentage OR the monthly amount.
- Continue through all required screens to Save, Review and Sign your selection after confirming those are the elections you want.
- Click on the “I Agree” box under the Electronic Signature section and
- Click on “Submit” at the bottom of the screen
- You can print your confirmation election form, or save it
- Once the confirmation form is printed/saved, close the document, and select “Done” at the bottom to return to the Home screen.
- Retirement Oversight Committee
The Retirement Plan Oversight Committee serves as the administrator of Simmons University’s retirement plans in accordance with the Employee Retirement Income Security Act (ERISA). The Committee has a number of responsibilities as outlined in the Simmons University Retirement Plan Charter. One of its primary duties is to select and monitor the investment options and fund managers under the Plan. The Committee meets regularly to review overall plan design and the performance of funds.
- SAVI – Public Service Loan Forgiveness Assistance
SAVI is brought to you by Simmons through TIAA this tool helps strengthen your financial footing in the short term and positions you for student loan forgiveness. SAVI can also assist with Public Loan Service Forgiveness Applications (PSLF).